by dougmwne on 5/19/21, 1:51 PM
I was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm and externality than Bitcoin. Satoshi Nakamoto may end up being the most destructive person to have ever lived.
People are free to gamble, but could they please not turn the surface of the Earth into a black body radiator while they're at it?
by Mizza on 5/19/21, 1:38 PM
Shaaaaady.
The NYGA report on Tether is due today. Tether is completely insolvent, and once the rug is pulled, all of the exchanges are going to realize that all of their "stable" reserves are worthless and they can't pay out what they're storing for customers, and the price will tumble all the way down as there's a run on the pseudo-banks that can't payout.
Or not, what do I know.
by Spooky23 on 5/19/21, 1:15 PM
Well yeah, we’re in the middle of the dump phase of pump and dump in an unregulated marketplace.
by bhaak on 5/19/21, 1:14 PM
Exchanges going down is the circuit breaker of cryptos.
by namelosw on 5/19/21, 2:00 PM
I'm not sure if it is the causation but China took drastic restrictions on cryptocurrencies yesterday, and Chinese players IMHO held a big share of those cryptos.
Also, people in China would call it "unplug" when exchanges going down. It's a popular meme because people find every time the market crashes those Chinese exchanges would go down as well, thus many people believe they intentionally did that to let oligarchs sell their crypto in back channels first.
by ramboldio on 5/19/21, 1:40 PM
I recommend to look at the tether trading volume. If too many people are requesting their dollars at the same time, tether will go bankrupt and with it the bulk of the 'value' of the crypto empire.
(hard to get a site that is up and has a good chart for that rn..)
by cturner on 5/19/21, 1:09 PM
That HTML error page uses my GPU and consumes an entire CPU core.
by gardaani on 5/19/21, 1:15 PM
According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??
by xyst on 5/19/21, 2:23 PM
This is not good - likely a shit ton of people withdrawing due to panic and Coinbase is having trouble covering. Only way to stop the bleeding is to hide behind "server troubles". It can't be a coincidence that all crypto currencies are on a downward spiral and Coinbase is down
by ______- on 5/19/21, 1:36 PM
I'm a bit of a cryptocurrency newbie, but I know enough about it to know that centralized exchanges are not what cryptocurrency is really about. It's more about spending with cryptocurrency (in a decentralized way) instead of exchanging some fiat for it, and vice versa, no? It's a bit of chicken and egg problem I suppose (If I want Bitcoin I need some fiat to get it in some cases), unless I acquire Bitcoin via some other method (like stealing/mining it)?
Edit: Also: Since most people need USD to get Bitcoin (or other coins), doesn't that mean all cryptocurrencies are inherently gold-backed and rely on the value-store of gold? (Excuse my naive question. Again; I'm a newbie).
by throwaway4good on 5/19/21, 1:27 PM
by program_whiz on 5/19/21, 1:27 PM
by BluSyn on 5/19/21, 1:09 PM
by Ekaros on 5/19/21, 3:00 PM
40B+ company which sole product is web-site can't keep it running? Where is the value in that? Or are they doing it intentionally to slow down things?
by chrononaut on 5/19/21, 1:10 PM
I wonder how much the volatility of cryptocurrency is influenced by the stability of exchanges. Does it make the price more stable by artificially restricting trading, or does it ultimately induce more panic?
by devops000 on 5/19/21, 2:11 PM
It’s curious that BTC has peaked exactly around the day of Coinbase IPO
by dustingetz on 5/19/21, 1:23 PM
deleting due to quality of replies
by yamrzou on 5/19/21, 1:13 PM
by h4kor on 5/19/21, 1:30 PM
by webinvest on 5/19/21, 4:03 PM
What’s going on with the comments in this thread? They’re out of character.
by throwaway6734 on 5/19/21, 1:15 PM
Definitely worth 2x Nasdaq!
by BTCOG on 5/19/21, 1:59 PM
Coinbase goes down every single year when the market corrects.
by endisneigh on 5/19/21, 1:44 PM
I thought cryptocurrencies are supposed to be free from government and world influence.
by alex_young on 5/19/21, 1:48 PM
by vishnugupta on 5/19/21, 2:06 PM
The error message from Cloudflare is interesting "This website is using a security service to protect itself from online attacks."[1]
[1] https://imgur.com/a/BRDMH0z
by chirau on 5/19/21, 1:32 PM
I'm really furious Coinbase for an unrelated incident.
I bought a bunch of BTC back in 2018 on Coinbase and just left it there, I rarely checked it. Fast forward to 2021 and I want to see how my portfolio has grown, only to be told my account was disabled. This was back at the beginning of March. So I contacted them and told them my issue. They sent me instructions on changing passwords, calling my mobile service provider etc. Some ridiculous stuff. I did it all. Only for them to tell me that they have to forward my case to a specialist. 3 weeks later, they come back to me telling me to repeat the same steps as I did before, and I complied, only for them to tell me they are again forwarding it to a specialist. Another 3 weeks later, they tell me to repeat the same steps in addition to taking a photo of myself holding my ID with a sign that says 'For Coinbase verification'. Did that degrading stuff too. Guess what they told me again, oops we are forwarding it to a specialist.
I don't know whether it is automated supported or what but this is absolutely disgusting and there is no name to the emails, just 'Coinbase Support'.
by NicoJuicy on 5/19/21, 1:39 PM
I guess my theory of bank run on bitcoin is about to be tested.
by tinyhouse on 5/19/21, 2:19 PM
And the west coast didn't even wake up yet...
by foobarbecue on 5/19/21, 2:11 PM
I just got this trying to log in to coinbase: You are now in line.
Thanks for your patience.
Your estimated wait time is 1 minute...
by shibshab on 5/19/21, 2:30 PM
Exchanges suffer the disadvantages of serialized computing. The matching engine model is inefficient from a computing perspective.
by laurencei on 5/19/21, 1:46 PM
For me the Reddit subreddit
https://www.reddit.com/r/CryptoCurrency/ wont load either.
I can load the rest of Reddit fine - but that page just loads as a blank white page. I'm guessing its lots of people going there for the discussions...
by senojretep356 on 5/19/21, 1:13 PM
It's quite concerning given the amount of people who will be trying to sell right now. Even a short period of being locked out of trading could cost people thousands of dollars. I'm sure they're protected in their terms of use but I wouldn't use an exchange that can't keep live with high volumes.
by _alex_ on 5/19/21, 2:28 PM
Volatility up, coinbase down
by shiado on 5/19/21, 1:41 PM
Today cascading liquidations becomes a household term.
by indiantinker on 5/19/21, 2:10 PM
by randomopining on 5/19/21, 2:00 PM
Big banks and the rich are squeezing out paper handed retail and leveraged traders. They are buying in at the low and will go full steam by the summer.
by tjansen on 5/19/21, 1:34 PM
And Bitpanda (+Bitpanda Pro) is down...
by m3kw9 on 5/19/21, 2:49 PM
Bitcoin crashing will teach Elon not to mess with crypto, could risk his company into a very bad cash position
by nceqs3 on 5/19/21, 1:49 PM
tHe FutUre oF fINanCe
by rajasimon on 5/19/21, 1:12 PM
wazirx is down too.
by parhamn on 5/19/21, 1:22 PM
So is Gemini.
by michaelmcmillan on 5/19/21, 2:03 PM
Never attribute to malice that which is adequately explained by incompetence.
by iamacyborg on 5/19/21, 1:18 PM
Watching the absolute freefall of the crypto market on coinmarketcap is rather entertaining. Glad I cashed out ~10 days ago, even if I missed out on some gains.
by howmayiannoyyou on 5/19/21, 1:28 PM
Dear dev team... please get back to work. Our brick & mortar business is still humming along, paying your salary and needs your help... and you now need us to 'buy the dip'.